According to a new report by Grand View Research, Inc the global peer-to-peer electric vehicle charging market size was valued at USD 73.3 million in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 21.8% from 2020 to 2027. The growth is driven by the increasing emphasis of Original Equipment Manufacturers (OEMs) on making their EV charging networks open to a larger public.

The global peer-to-peer electric vehicle charging market size is expected to reach USD 351.7 million by 2027, registering a CAGR of 21.8% from 2020 to 2027 according to a new report by Grand View Research, Inc. To eliminate the range anxiety issues of electric vehicles, various governments are emphasizing on the provision of funds for the development of peer-to-peer networks. For instance, the U.S. government has established the Northeast Corridor Regional Strategy, under which it is providing support for various activities to enhance their Electric Vehicle (EV) charging infrastructure. Under the strategy, the government is providing support for the development of public charging stations and peer-to-peer EV charging networks.

The growing emphasis of various governments, Original Equipment Manufacturers (OEMs), and automobile companies on enhancing the performance of charging solutions by including features such as Vehicle-to-grid (V2G) and blockchain payments, bodes well for the growth of the market. For instance, in 2016, the Government of Netherlands provided funding worth USD 180.3 billion for enhancing electric vehicle supply equipment, including peer-to-peer networks to companies including BMW AG and Eaton Corporation. Various OEMs and EV manufacturers are looking to strengthen the interoperability of charging infrastructure and electric vehicles, and that is expected to enhance the P2P networks. Additionally, various governments have mandated the allocation of space for electric vehicle charging in parking spaces of residential complexes, which is likely to provide lucrative opportunities to the market. For instance, in January 2019, the Government of India has mandated residential and commercial complexes to allot 20% of their parking space for electric vehicle chargers. However, in 2020, the growth of the market is likely to be impacted by the outbreak of COVID-19 that resulted in shifting focus of the governments on the provision of healthcare services.

Peer-To-Peer Electric Vehicle Charging Market Report Highlights

The Level 1 charger segment is anticipated to expand at the highest CAGR during the forecast period, on account of increasing number of multi-unit dwellings installing Level 1 charging stations.

The commercial segment is projected to register the highest CAGR over the forecast period owing to companies such as The Coca-Cola Company and General Motors focusing on making EV charging stations at their facilities open to public

The European electric utilities such as Copenhagen Electric and Stromnetz Hamburg are collaborating to deliver e-roaming services to EV drivers through projects such as evRoaming4EU that bodes well for the growth of market in the region

Various utilities and charging station operators are collaborating for the expansion of peer-to-peer EV charging networks, which is further driving the market growth. For instance, in November 2017, Enexis Netbeheer B.V., innogy, and Vorarlberger Kraftwerke, among others, collaborated to launch the Oslo2Rome project. The Oslo2Rome project focuses on the developing P2P network, enabling EV drivers to access private and public charging stations along the Oslo to Rome highway. Furthermore, the increased number of automotive manufacturers emphasizing the development of peer-to-peer networks bodes well for market growth. For instance, in August 2016, Groupe Renault under its Elbnb campaign for the development of P2P networks across Sweden.

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research Guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.